Bank denounces

The Bank of Mozambique on Friday denounced the existence of unlicensed entities that are carrying out banking activities in the country, warning society not to get involved in these practices.     “Given the growing trend in the number of entities and the denunciations that have been made, we communicate to the general public that these entities are not licensed by the Bank of Mozambique,” according to a statement from the Mozambican financial regulator.The bodies involved in these practices are not subject to central bank supervision, the note said.These entities put financial assets up for sale with the promise of monthly and quarterly interest to citizens who invest their savings.The institutions in question also promise a financial reward to anyone who can attract customers for the business, the Bank of Mozambique said.